Looking to balance out your exposure to SHLS? The ETFs below have historically moved differently from SHLS, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for SHLS
0 ETFs have low correlation with SHLS (below 0.3), 0 of which are negatively correlated. The least correlated is Global X Lithium & Battery Tech ETF (LIT) (Lithium & Battery Metals) with a 1Y correlation of 0.38, roughly unchanged from 0.39 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Global X Lithium & Battery Tech ETF | 0.38 | 0.36 | 0.39 | 78 | Lithium & Battery Metals | SHLS vs LIT | |
| State Street SPDR S&P 500 ETF | 0.52 | 0.38 | 0.41 | 67 | S&P 500 | SHLS vs SPY |
Low-Correlation Stock Ideas
The table shows companies with at least $1B in market capitalization, historical correlation data for SHLS, and a Risk / Return Rank of 50 or higher. Treat them as research candidates rather than evidence that they will offset a future decline. The least correlated is NextEra Energy, Inc. (NEE) (Utilities) with a 1Y correlation of 0.10, down from 0.24 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| NextEra Energy, Inc. | 0.10 | 0.19 | 0.24 | 77 | Utilities | |
| MEDNAX, Inc. | 0.11 | 0.08 | 0.15 | 95 | Healthcare | |
| Lantheus Holdings, Inc. | 0.12 | 0.15 | 0.22 | 70 | Healthcare | |
| ENEL Societa per Azioni | 0.14 | 0.16 | 0.21 | 84 | Utilities | |
| M/I Homes, Inc. | 0.17 | 0.21 | 0.28 | 63 | Consumer Cyclical |
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